BP chair to resign amid pressure from shareholders

BP has said its chair, Helge Lund, is to step down after the oil company faced significant pressure from shareholders, including a powerful New York hedge fund.

The energy company said on Friday that Lund, who has chaired the business since 2019, would be replaced. He will step down after his successor has joined the board, with Lund “most likely” leaving in 2026.

The BP chair, Helge Lund, says: ‘Now is the right time to start the process to find my successor and enable an orderly and seamless handover.’ Photograph: Dylan Martinez/Reuters

Shares in BP jumped in February when it emerged that Elliott, a feared New York hedge fund known for its attempts to shake up listed companies, had taken a stake. Analysts expected it to push for an overhaul of BP’s strategy, along with a revamp of its board, with Lund seen as likely to depart.

Its chief executive, Murray Auchincloss, announced a “fundamental reset” of BP’s strategy weeks later, leading to a cut of more than £4bn to its low-carbon investment plans.

Amanda Blanc, the boss of Aviva and BP’s senior independent director, will lead the search for Lund’s successor.

Lund said: “Having fundamentally reset our strategy, BP’s focus now is on delivering the strategy at pace, improving performance and growing shareholder value.

“Now is the right time to start the process to find my successor and enable an orderly and seamless handover.”

Blanc said: “We are starting a comprehensive search to identify chair candidates with the credibility and relevant experience to lead the board and continue driving management’s safe execution of the reset strategy.”